Social Media Rocking The Financial Services Industries?

Social media and online marketing using social platforms is something you’d expect in the “hip” markets like the entertainment industry. And, the demographics broadly would also be expected to fall into the teen/youth categories, and certainly the ‘under 30′ group. However, we see that more and more “boring” markets are embracing social media.

“Companies leveraging social media in B2B marketplaces is continuing to grow, but a radical shift in thinking must take place for faster adoption. Corporate America wants to, and it’s about time.” – Jon Rognerud

Here’s a recent study in the financial sector that proves the point. They are behind in social media, but starting to inch out from behind the curtain.

This study from American Century Investments does show that financial services professionals are increasingly embracing social media, and its use.

“American Century’s second annual Financial Professionals Social Media Adoption Study found that 86% of financial services professionals use social media, up from 73% a year ago.

Half of those professionals, including financial planners, brokers and registered investment advisers, said they have moderate or extensive experience with social media. About 43% said they regularly participate regularly in at least one medium, with nearly 10% saying they belong in the “social media addict” category.

As was the case last year, Facebook had the highest percentage of respondents with accounts: 71%, which is up from 55% in 2010. LinkedIn held the second spot with 55%, up from 45% in 2010.” – Financial-Planning.com

Which businesses uses of social media are on the rise?

Eighteen percent of respondents said they plan to maintain a professional blog in 2011, up from 8% in 2010. Using social media for customer feedback jumped to 21% from 12%, and sharing best practices went to 18% from 12%, it continued.

Finally, 24% said they feel that leading asset management firms are using social media to their advantage, a big jump from 11% last year.

WHAT DO YOU THINK?

Have you started using social media in your financial services business?

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